navigators insurance company - landy...

NAV RAL NIC PF (02 11) 1 of 14

NAVIGATORS INSURANCE COMPANY A �“Stock�” Company

Home Office: One Penn Plaza, New York, NY 10119

THIS IS A CLAIMS MADE AND REPORTED POLICY. PLEASE READ THE ENTIRE POLICY CAREFULLY.

REAL ESTATE APPRAISERS ERRORS AND OMISSIONS

INSURANCE POLICY Words and phrases that appear in bold print have special meanings that are defined in section III., DEFINITIONS. I. INSURING AGREEMENTS

A. Coverage

The Company will pay on behalf of the Named Insured all sums in excess of the deductible that the Named Insured becomes legally obligated to pay as damages and claim expenses as a result of a claim first made against the Named Insured and reported in writing to the Company during the policy period or extended reporting period (if applicable) by reason of an act or omission, including personal injury, in the performance of professional services by the Named Insured, provided that:

1. No such act or omission, or related act or omission, was committed prior to the retroactive date; and

2. Prior to the inception date of the first policy issued by the Company, and continuously

renewed, the Named Insured had no basis to believe that any such act or omission, or related act or omission, might reasonably be expected to be the basis of a claim.

B. Defense

The Company has the right and duty to defend any claim against the Named Insured even if any of the allegations of the claim are groundless, false or fraudulent. Defense counsel may be designated by the Company or, at the Company's option, by the Named Insured with the Company's written consent and subject to the Company's guidelines.

C. Settlement

The Company will have the right to make, with the consent of the Named Insured, any settlement of a claim under this policy. If the Named Insured refuses to consent to a settlement within the policy�’s applicable damages limit of liability that is recommended by the Company and acceptable to the claimant, then the Company�’s limit of liability for claim expenses will be reduced to the amount of claim expenses incurred up to the date on which the Named Insured refused to consent to the settlement. Thereafter, there shall be a single combined limit of liability for both damages and claim expenses in an amount of total damages for which the claim could have been settled. The Company is not obligated to pay any damages or claim expenses, or to defend or continue to defend any such claim, after this single combined limit of liability has been exhausted.


D. Exhaustion of Limits

The Company is not obligated to pay any damages or claim expenses, or to defend or continue to defend any claim, after the damages limit of liability has been exhausted, or after the Company has deposited the remaining damages limit of liability into a court of competent jurisdiction or tendered the remaining damages limit of liability to the Named Insured or, if applicable, to the excess insurer(s) of the Named Insured, regardless of whether the claim expenses limit of liability has been exhausted.

II. LIMITS OF LIABILITY AND DEDUCTIBLE

A. Damages Limit of Liability - Each Claim

Subject to paragraph C. below, the Company's limit of liability for damages for each claim first made and reported in writing to the Company during the policy period will not exceed the amount shown in item 4A. in the Declarations for "Damages Limit of Liability - Each Claim".

B. Claim expenses Limit of Liability - Each Claim

Subject to paragraph D. below, the Company's limit of liability for claim expenses for each claim first made and reported in writing to the Company during the policy period will not exceed the amount shown in item 4B. in the Declarations for "Claim expenses Limit of Liability - Each Claim".

C. Damages Limit of Liability - Policy Aggregate

The Company's limit of liability for damages for all claims first made and reported in writing to the Company during the policy period will not exceed the aggregate amount shown in item 4C. in the Declarations as the "Damages Limit of Liability - Policy Aggregate".

D. Claim expenses Limit of Liability - Policy Aggregate

The Company's limit of liability for claim expenses for all claims first made and reported in writing to the Company during the policy period will not exceed the aggregate amount shown in item 4D. in the Declarations as the "Claim expenses Limit of Liability - Policy Aggregate."

E. Deductible

1. Each Claim

Subject to paragraph 2. below, the deductible amount shown in Item 5A. in the Declaration is the Named Insured's deductible obligation for each claim and applies to the payment of damages and claim expenses. The deductible will be paid by the Named Insured. The limits of liability set forth in the Declarations are in addition to, and in excess of, the deductible.

2. Aggregate

The deductible amount shown in Item 5B. in the Declarations is the Named Insured�’s maximum deductible obligation for all claims.


F. Early Claim Resolution Incentive

If a claim is resolved by settlement, with the consent of the Named Insured and the Company, within one (1) year following the date that the claim is reported in writing to the Company, the Named Insured will be reimbursed or credited 50% of the deductible, but not to exceed a reimbursement of $5,000 per claim and $25,000 per policy period for all such claims resolved or concluded in accordance with this section II.F.

G. Multiple Claims and Claimants

The limits of liability for damages and claim expenses shown in the Declarations is the maximum amount the Company will pay under this policy for damages and claim expenses, respectively, regardless of the number of claims made or claimants. All related claims, whenever made, shall be considered a single claim first made when the earliest of the related claims was first made, and first reported when the earliest of the related claims was reported in writing to the Company; provided, however, that the Named Insured must report all claims as soon as reasonable in accordance with Section V. CONDITIONS, paragraph A.1.

H. Multiple Policies

If this policy and any other policy issued by the Company provide coverage for the same claim against the Named Insured, the maximum limit of liability under all the policies combined shall not exceed the highest remaining applicable limit of liability for the claim under any one policy.

I. Supplementary Payments

Supplementary payments are not subject to the deductible and are in addition to the limits of liability. 1. Reimbursement of Expenses

The Company will pay up to $500.00 for loss of earnings to the Named Insured for each day, or part of a day, the Named Insured is in attendance, at the Company�’s request, at a trial, hearing, mediation or arbitration proceeding involving a claim against the Named Insured. The maximum amount payable, regardless of the number of trials, hearings, mediations or arbitration proceedings, shall be $7,500 per claim and $25,000 per policy period.

2. Disciplinary Actions

The Company will reimburse the Named Insured for reasonable attorneys�’ fees, costs and expenses incurred resulting from the investigation or defense of a disciplinary action first received by the Named Insured and reported in writing to the Company during the policy period by reason of an act or omission in the performance of professional services. The maximum amount payable, regardless of the number of disciplinary actions, shall be $2,500 per claim and $25,000 per policy period. The Company shall not be obligated to defend any disciplinary action, or pay any fine, penalty or award resulting from any disciplinary action.

3. Subpoena Expenses

The Company will pay expenses incurred while assisting the Named Insured in responding to a subpoena which the Named Insured first receives and reports in writing to the


Company during the policy period resulting from the performance of professional services by the Named Insured. The maximum amount payable for subpoena expenses is $5,000 per subpoena; provided, however, that all subpoenas arising out of related acts or omissions shall be deemed to constitute a single subpoena.

J. Coverage Extension

The Company will pay, as part of the applicable Limit of Liability, up to $100,000 to the Named Insured for damages and claim expenses as a result of all claims reported to the Company during the policy period by reason of a claim brought against the Named Insured, and arising out of professional services rendered on behalf of the Named Insured, for discrimination on the basis of race, creed, color, age, gender, national origin, religion, disability, marital status or sexual preference, including resulting personal injury.

This sub-limit is an aggregate limit of liability that is included within, and not addition to the Damages or Claim Expenses Limit of Liability �– Policy Aggregate stated in the Declarations.

III. DEFINITIONS

A. Bodily injury means physical injury, sickness or disease sustained by any person including death resulting from any of these at any time. Bodily injury also means mental illness, mental anguish, emotional distress, pain, suffering, or shock sustained by that person, whether or not resulting from physical injury, sickness, disease or death of any person.

B. Claim means a demand for money or services received by the Named Insured arising out of an

act or omission in the performance of professional services. A claim also includes the service of suit or the institution of an arbitration proceeding against the Named Insured.

C. Claim expenses means:

1. Fees charged by attorneys designated by the Company or designated by the Named

Insured with the Company's prior written consent; 2. All other reasonable and necessary fees, costs and expenses resulting from the investigation,

adjustment, negotiation, arbitration, mediation, defense or appeal of a claim, if incurred by the Company or by the Named Insured with the Company's prior written consent; and

3. Premiums on appeal bonds, attachment bonds or similar bonds; provided, however, the

Company is not obligated to apply for or furnish any such bond.

Claim expenses do not include fees, costs or expenses of employees or officers of the Company, or salaries, loss of earnings or other remuneration by or to the Named Insured.

D. Company means the insurance company named in the Declarations.

E. Damages means any compensatory sum and includes a judgment, award or settlement, provided

any settlement is negotiated with the Company�’s written consent. Damages also includes punitive or exemplary amounts, to the extent such amounts are insurable under the applicable state law.

Damages do not include:


1. The return, reduction or restitution of fees, commissions, expenses or costs for professional services performed, or to be performed, by the Named Insured and injuries that are a consequence of any fees, commissions, expenses or costs charged by the Named Insured;

2. Fines, penalties, forfeitures or sanctions;

3. The multiplied portion of any multiplied awards; or

4. Injunctive or declaratory relief.

F. Disciplinary action means a proceeding before any state licensing board, local real estate board

or other governmental body regulating professional conduct, alleging misconduct in providing professional services. Disciplinary action does not include criminal charges.

G. Extended reporting period means the period of time after the end of the policy period for

reporting claims to the Company that are made against the Named Insured during the applicable extended reporting period by reason of an act or omission, which was committed prior to the end of the policy period and on, or subsequent to, the retroactive date and is otherwise covered by this policy.

H. Fungi means any type or form of fungus, including mold or mildew and any mycotoxins, spores, scents or byproducts produced or released by fungi.

I. Named Insured means the person specified in item 1. in the Declarations. J. Personal injury means injury other than bodily injury arising out of one or more of the following

offenses, by reason of an act or omission by the Named Insured in the performance of professional services:

1. False arrest, detention or imprisonment; 2. Malicious prosecution; 3. The wrongful eviction from, wrongful entry into, or invasion of the right of private occupancy

of a room, dwelling or premises that a person occupies by or on behalf of its owner, landlord or lessor;

4. Oral or written publication, in any manner, of material that:

a. Slanders or libels a person or organization or disparages a person�’s or organization�’s

goods, products or services; or

b. Violates a person�’s right of privacy; Except, in either case, oral or written publication in any manner which arises out of advertising, broadcasting or telecasting activities conducted by, or on behalf of, the Named Insured.

K. Policy period means the period of time from the effective date shown in item 3. in the

Declarations to the earliest of the date of termination, expiration or cancellation of this policy.

L. Pollutants means any solid, liquid, gaseous or thermal irritant or contaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes materials to be recycled, reconditioned or reclaimed.


M. Property damage means:

1. Physical Injury to tangible property, including all resulting loss of use of that property; or 2. Loss of use of tangible property that is not physically injured.

N. Professional services means services performed for others by the Named Insured in the

capacity as a properly licensed or certified appraiser of real estate, notary public, or a member of a real estate accreditation, standards review or similar real estate board or committee.

Professional Services does not include the supervision of, subcontracting to, assignment to or referral of any portion of any contract, project or engagement by the Named Insured.

O. Related claims means all claims arising out of a single act or omission or related acts or

omissions in the performance of professional services.

P. Related acts or omissions means all acts or omissions that are logically or causally connected by any common fact, circumstance, situation, transaction, event, advice or decision.

Q. Retroactive date means the date shown in item 7. in the Declarations.

IV. EXCLUSIONS

The Company will not defend or pay any claim:

A. Based on or arising out of any dishonest, intentionally wrongful, fraudulent, criminal or malicious act or omission by the Named Insured;

B. Based on or arising out of bodily injury or property damage; C. Based on or arising out of discrimination, humiliation, harassment, or misconduct. Including, but

not limited to, claims based on allegations relating to an individual�’s race, creed, color, age, gender, national origin, religion, disability, marital status or sexual preference. However, this exclusion does not apply to any coverage afforded by Section II. Limit of Liability and Deductible, paragraph J. Coverage Extensions;

D. Based on or arising out of the insolvency or bankruptcy of the Named Insured; E. Based on or arising out of:

1. Any disputes involving the Named Insured�’s fees, commissions or charges;

2. The conversion, misappropriation, commingling or defalcation of funds or other property;

3. The failure to pay or collect premium, escrow or tax money; or

4. The gaining of any personal profit or advantage to which the Named Insured is not legally entitled;

F. Based on or arising out of the representation of clients in connection with any securities

transaction (either registered or exempt) including, but not limited to, bond or other debt offerings, public stock offerings, property syndication or real estate investment trusts;


G. Based on or arising out of the actual or attempted purchase of property by the Named Insured; H. Based on or arising out of the actual or attempted appraisal of property by the Named Insured on

or after the date or time of the act or omission giving rise to such claim, if:

1. The Named Insured in any part owned such property; 2. The Named Insured was the developer, builder, real estate broker or salesperson of such

property; 3. Such appraisal services were in exchange for stock, partial ownership or investment in such

property; or 4. The Named Insured was employed or subcontracted by a real estate broker or sales person

who was a party to any transaction involving the appraised property;

I. Based on or arising out of actual or attempted purchase of property by, or appraisal of property developed, constructed or owned by: 1. Any entity in which the Named Insured has financial interest;

2. Any entity which has any financial interest in the Named Insured; or

3. Any entity which is under the same financial control as the Named Insured, provided that

such financial interest existed at the time of the act or omission giving rise to the claim; J. Based on or arising out of any actual or alleged violation of:

1. The Employee Retirement Income Security Act of 1974;

2. The Securities Act of 1933;

3. The Securities Exchange Act of 1934; or

4. Any state Blue Sky or Securities law;

Or any rules, regulations or amendments issued in relation to such acts, or similar state or federal statutes or regulations, including any claim based upon common law principles of liability;

K. Based on or arising out of any guarantee or promise of future status, performance or valuation in

the course of performing professional services by the Named Insured; L. Based on or arising out of:

1. The actual, alleged or threatened emission, discharge, dispersal, seepage, release or escape

of pollutants;

2. Any injury, damage, payments, costs or expense incurred as a result of any testing for, monitoring, removal, containment, treatment, detoxification, neutralization or cleanup of pollutants; or


3. The installation, removal, disposal, handling, use or existence of, exposure to, contact with, or ingestion of lead paint or any substance or matter containing lead paint or the residue of lead paint;

M. Based on or arising out of the actual, alleged or threatened inhalation of, ingestion of, contact

with, exposure to, existence of, or presence of, any fungi or bacteria on or within a building or structure, including its contents, regardless of whether any other cause, event, material or product contributed concurrently or in any sequence to the injury or damage; or any loss cost or expenses arising out of the abating, testing for, monitoring, cleaning up, removing, containing, treating, detoxifying, neutralizing, remediating or disposing of, or in any way responding to, or assessing the effects of, fungi or bacteria, by the Named Insured or by any other person or entity;

N. Based on or arising out of liability assumed by the Named Insured under any contract or

agreement, unless such liability would have attached to the Named Insured even in the absence of such contract or agreement;

O. Based on arising out of misappropriation of trade secret or infringement of patent, copyright,

trademark, trade dress or any other intellectual property right or unauthorized use of confidential, privileged or non-public material or information;

P. Based on or arising out of the sale of insurance or the failure to effect or maintain adequate levels

of insurance; Q. Based on or arising out of the alleged notarized certification or acknowledgement by the Named

Insured of a signature on any document that the Named Insured did not witness being placed on the document;

R. Based on or arising out of the rendering of, or failure to render, professional services by the Named Insured as an employee, owner, partner, stockholder, director or officer of any business enterprise not named in the Declarations.

V. CONDITIONS

A. Reporting of Claims and Potential Claims:

1. The Named Insured, as a condition precedent to the obligations of the Company under this policy, will give written notice to the Company, as soon as reasonable, of any claim made against the Named Insured.

2. If during the policy period the Named Insured becomes aware of any act or omission which

may reasonably be expected to be the basis of a claim against the Named Insured, including, but not limited to, any notice, advice or threat, whether written or verbal, that any person or entity intends to hold the Named Insured responsible for any alleged act or omission and gives written notice to the Company with full particulars, including:

a. The specific act or omission;

b. The dates and persons involved;

c. The identity of anticipated or possible claimants;

d. The circumstances by which the Named Insured first became aware of the possible

claim; and


e. Potential damages or injury.

Then any claim that is subsequently made against the Named Insured arising out of such act or omission will be deemed to have been made on the date such written notice was received by the Company.

3. Notices pursuant to Conditions A.1 and A.2 above must be mailed to the Company at the

following address:

Navigators Pro �– Claims Department One Penn Plaza, 32nd Floor

New York, NY 10119 Fax: 212-613-4300

[email protected]

B. Claim Reporting Grace Period

This policy will provide coverage for claims that are first made against the Named Insured during the policy period and reported by the Named Insured in writing to the Company within thirty (30) days after the expiration of the policy period, provided that prior to the expiration of this policy, the Named Insured was in compliance with all the terms and conditions of this policy, including payment of all premiums and deductibles when due.

The claim reporting grace period does not extend the policy period.

C. Assistance and Cooperation

1. The Named Insured will cooperate with the Company and upon the Company's request, attend hearings, depositions and trials and assist in effecting settlements, securing and giving evidence, obtaining the attendance of witnesses and in the conduct of suits and proceedings in connection with a claim.

2. The Named Insured will assist in the enforcement of any right of contribution or indemnity

against any person or organization who or which may be liable to the Named Insured in connection with a claim.

3. The Named Insured will not, except at the Named Insured's own cost, voluntarily make any

payment, assume or admit any liability or incur any expense without the prior written consent of the Company. The Company shall have no obligation to pay or reimburse any person or entity for sums expended to defend any claim otherwise covered under this policy prior to written notice of such claim being received by the Company.

D. Action against the Company

1. No action may be brought against the Company unless, as a condition precedent thereto:

a. The Named Insured has fully complied with all the terms of this policy; and

b. Until the amount of the Named lnsured's obligation to pay has been finally determined

either by judgment against the Named Insured after actual trial and appeal or by written agreement of the Named Insured, the claimant and the Company.


2. Nothing contained in this policy will give any person or organization the right to join the Company as a defendant or co-defendant or other party in any action against the Named Insured to determine the Named Insured's liability.

E. Bankruptcy Bankruptcy or insolvency of the Named Insured or of the Named lnsured's estate will not

relieve the Company of any of its obligations hereunder. F. Other Insurance

Such insurance as is provided by this policy shall be excess of any other valid and collectible insurance.

G. Subrogation

In the event of any payment for any claim under this policy, the Company will be subrogated in the amount of such payment to all the Named lnsured's rights of recovery against any person or organization. The Named Insured will execute and deliver instruments and papers and do whatever else is necessary to secure such rights. The Named Insured will do nothing to prejudice such rights.

H. Changes

Notice to any agent of the Company, or knowledge possessed by any such agent or by any other person, will not effect a waiver or a change in any part of this policy and will not prevent or preclude the Company from asserting or invoking any right or provision of this policy. None of the provisions of this policy may be waived, changed or modified except by a written endorsement issued by the Company to form a part of this policy.

I. Cancellation/Nonrenewal

1. This policy may be cancelled by the Named Insured by returning it to the Company. The

Named Insured may also cancel this policy by giving written notice to the Company stating at what future date cancellation is to be effective.

2. The Company may cancel or non-renew this policy by sending written notice to the Named

Insured at the address last known to the Company. The Company will provide written notice at least 60 days before cancellation or nonrenewal is to be effective. However, if the Company cancels this policy because the Named Insured has failed to pay a premium when due, this policy may be canceled by the Company by mailing to the Named Insured written notice stating when, not less than 10 days thereafter, such cancellation will be effective. The time of surrender of the policy or the effective date and hour of cancellation stated in the notice will become the end of the policy period. Delivery of such written notice either by the Named Insured or by the Company will be equivalent to mailing.

3. If the Company cancels this policy, the earned premium will be computed pro rata. If the

Named Insured cancels this policy, the Company will retain the customary short rate proportion of the premium. Premium adjustment may be made either at the time cancellation is effected or as soon as practicable after cancellation becomes effective, but payment or tender of unearned premium is not a condition of cancellation.


4. The offering of terms and conditions different from the expiring terms and conditions, including limits of liability, deductible or premium, shall not constitute a refusal to renew or a cancellation of this policy.

J. Territory This policy applies to an act or omission taking place anywhere in the world provided that any suit

is brought against the Named Insured within the United States of America, its territories or possessions, Puerto Rico or Canada.

K. Entire Contract

By acceptance of this policy the Named Insured attests that:

1. All of the information and statements provided to the Company by the Named Insured, including, but not limited to, the application and any supplemental information, are true, accurate and complete and will be deemed to constitute material representations made by the Named Insured;

2. This policy is issued in reliance upon the Named Insured's representations;

3. This policy, endorsements thereto, together with the completed and signed application and any and all supplementary information and statements provided by the Named Insured to the Company, embody all of the agreements existing between the Named Insured and the Company and shall constitute the entire contract between the Named Insured and the Company; and

4. Any material misrepresentation or concealment by the Named Insured or the Named

Insured's agent will render the policy null and void and relieve the Company from all liability herein.

L. Notices

Other than claims, any notices required to be given by the Named Insured will be submitted in writing to the Company, or its authorized representative. If mailed, the date of mailing of such notice will be deemed to be the date such notice was given and proof of mailing will be sufficient proof of notice.

M. Assignment

No assignment of interest of the Named Insured under this policy is valid, unless the Company's written consent is endorsed hereon.

N. Liberalization

If the Company obtains approval for any amended state filing in the jurisdiction in which this policy is issued that would broaden coverage under this policy form NAV RAL NIC PF (02 11) without additional premium at any time during the current policy period, the broadened coverage will immediately apply to this policy, except that it will not apply to claims that were first made against the Named Insured prior to the effective date of such revision.


O. Examination of Your Books and Records

The Company may examine and audit the books and records of the Named Insured, as they relate to this policy, at any time during the policy period and up to three (3) years afterward.

P. Reimbursement While the Company has no duty to do so, if the Company pays damages and claim expenses:

1. Within the amount of the applicable deductible; or

2. In excess of the applicable Limit of Liability; or

3. Under a reservation of rights to seek reimbursement, and it is determined that the Company is entitled to reimbursement.

Upon written demand, the Named Insured shall repay such amounts to the Company within 30 days. Failure to pay any amount indicated may lead to policy termination.

VI. EXTENDED REPORTING PERIODS

A. Automatic Extended Reporting Period

If this policy is cancelled or non-renewed by either the Company or by the Named Insured, the Company will provide to the Named Insured an automatic, non-cancelable extended reporting period starting at the termination of the policy period if the Named Insured has not obtained another policy of real estate appraisers errors and omissions insurance within sixty (60) days of the termination of the policy period. This automatic extended reporting period will terminate after sixty (60) days.

B. Optional Extended Reporting Period

1. If this policy is cancelled or non-renewed by either the Company or by the Named Insured, then the Named Insured will have the right to purchase an optional extended reporting period of one, two or three years. Such right must be exercised by the Named Insured within sixty (60) days of the termination of the policy period by providing:

a. Written notice to the Company; and

b. With the written notice, the amount of additional premium described below.

2. The non-refundable additional premium for the optional extended reporting period shall be:

a. For a one (1) year extended reporting period, 100% of the annual premium for the

policy; or

b. For a two (2) year extended reporting period, 135% of the annual premium for the policy; or,

c. For a three (3) year extended reporting period, 150% of the annual premium for the

policy.


3. The first sixty (60) days of the optional extended reporting period, if it is purchased, shall run concurrently with the automatic extended reporting period.

C. Death or Disability Reporting Period Option

In the event the Named Insured dies or becomes permanently and totally disabled during the policy period, an unlimited extended reporting period will be granted at no additional premium, provided that:

1. Within ninety (90) days of the of the death or permanent and total disability, the Named

Insured or the Named Insured�’s estate requests the unlimited extended reporting period; and

2. The Named Insured�’s estate furnishes written evidence and proof of the Named Insured�’s death; or

3. The Named Insured provides evidence and proof of the permanent and total disability,

including the date of the actual disability and written certification by the Named Insured�’s attending physician.

D. Retirement Reporting Period Option

1. If, after the Named Insured reaches the age of 65, and having been continuously insured by the Company on a claims-made basis for a minimum of 5 years, the Named Insured retires during the policy period, an unlimited extended reporting period will be granted at no additional premium; or

2. If the Named Insured retires from the appraisal business during the policy period, an

unlimited extended reporting period can be purchased for a non-refundable additional premium of 160% of annual premium.

Such right must be exercised by the Named Insured within sixty (60) days of the retirement by providing:

a. Written notice to the Company; and

b. With the written notice, if applicable, the amount of additional premium described in

paragraph D.2. above.

E. Extended Reporting Period Limits of Liability

The damages limit of liability and claim expenses limit of liability of the Company for all claims reported during any extended reporting period will be part of and not in addition to the damages limit of liability and claim expenses limit of liability, respectively, for the policy period set forth in item 4. in the Declarations.

F. Elimination of Right to Any Extended Reporting Period

There is no right to any extended reporting period if the Company cancels or refuses to renew this policy due to:

1. Nonpayment of amounts due under this policy;

2. Noncompliance by the Named Insured with any of the terms and conditions of this policy;


3. Any material misrepresentation or omission in the application or the supplementary

information and statements provided by the Named Insured for this policy.

G. Extended Reporting Period - Not a New Policy The extended reporting period will not be construed to be a new policy and any claim

submitted during such period will otherwise be governed by this policy.

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